Best Practices for Real Estate Asset Management with Mike Taravella
Real estate asset management is a critical role in apartment syndication. This is where the business plan is implemented and execution becomes vital for success. Mike Taravella is the asset manager for Rand Partners and is responsible for overseeing over $100 million in their multifamily portfolio. Mike’s primary responsibilities include overseeing property management, budgets, and communications. With multifamily apartments in Tennessee and Kentucky, Rand Partners manages its own assets, instead of using a third-party property management company. Because of this, Mike has to stay close to the rest of the team to ensure proper communication and execution on all property-related matters.
Before deciding to get into real estate, Mike was an accountant for a major accounting firm. He reached out to me on BiggerPockets and expressed that he was planning to move to Chicago. Soon after that, he joined us at the first-ever Midwest Real Estate Networking Summit. Through his continued analysis and networking efforts, he eventually landed a role with Rand Partners with the Jake and Gino team.
As an asset manager, his main job is to make sure the business plan for each property is being executed properly. In doing this, Mike monitors key figures such as occupancy, delinquencies, and expenses. These three items allow him to understand what’s happening at each property and adjust marketing and other aspects accordingly. In this episode, Mike shares best practices for asset management, creating a community culture at an apartment complex, communicating internally, and delivering returns for passive investors.
Key Insights on Real Estate Asset Management
Understanding an asset manager’s role in real estate investing
The day-to-day working relationship between real estate investors and asset managers
Putting together an investor relations webinar so investors can understand how their asset is being managed
You can’t just raise rents, you have to rebrand
How to structure internal team meetings to build culture and stay on top of challenges
The three key measures to pay attention to in order to monitor the health and trajectory of an asset
In the end, it all comes down to your expenses and managing your budget
How to proactively address delinquency
Creating a community to retain high tenant occupancy
How to analyze multifamily deals in today’s market
The impact that COVID19 has had on the real estate market
Understanding the Tennessee real estate market
What you should look for in a property manager
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Most Recommended Book:
Principles (Ray Dalio)
Wish I Knew When I Was Starting Out:
Everythings going to be ok, it takes time to course correct.
What I’m Curious About:
The debt crisis